"What is your exit plan?"
Business owners should start asking themselves this question on the day they open their doors. But they don't. There are many reasons for this, beginning with the hope that the business will never fail. Even in the rare businesses that do last, however, there inevitably comes a day when the owner wants to leave the business. Preparing for that day is the key to a smooth transition.
Commercial real estate is one of the industries that was heavily impacted by the COVID-19 pandemic. According to Barclays, a long-term shift to remote work could lead to a 10%-20% structural reduction in demand for office space. The lender also predicted that between 15% and 17% of U.S. shopping malls may need to be redeveloped for other uses. The industry also is concerned about inflation, interest rates and pending legislation.
A life settlement is a way to get cash for a life insurance policy you no longer need or can no longer afford. For older adults struggling to pay health care costs or who need long-term care in retirement, or for those who are younger but have terminal illnesses, it can be a lifeline.
The end of the year always means the possibility of last-minute tax changes, and this year, that's especially true. Some of the new legislation may mean major changes starting in the new year, but other proposed bills, such as new capital gains and qualified dividend tax rates, may take effect retroactively. And taxes on the wealthy may go up, too.
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